The Australian Government today released 29 areas for offshore petroleum exploration in eight basins in Commonwealth waters under the 2015 Offshore Petroleum Exploration Acreage Release.

Addressing the opening session at the annual Australian Petroleum Production and Exploration Association (APPEA) conference in Melbourne, Minister for Industry and Science Ian Macfarlane said this year’s release offered explorers a mix of frontier and mature areas.

“The release of this acreage comes at a time of challenging market conditions, so the continuation of exploration effort is vitally important for the future economic wellbeing of the nation,” Macfarlane said.

“I am also pleased to announce the awarding of eight new offshore petroleum exploration permits from the first round of bidding for new acreage released in the 2014 Offshore Acreage Release.”

Macfarlane said the eight new permits would open the way for a further investment of $263 million by Australia’s offshore petroleum exploration industry in Commonwealth waters.

The new permits are located in Commonwealth waters off Western Australia and in the Territory of the Ashmore and Cartier Islands.

“We hope these new permits will result in discoveries of new oil and gas reserves, which could translate into future jobs and growth for our economy,” Macfarlane said.

“I look forward to working with the petroleum industry in 2015 to continue to ensure Australia maintains its attractiveness as a destination for exploration investment, and to underpin our long term energy security.”

Source: www.offshoreenergytoday.com

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